Very good video, especially the Trading Psychology example at 14:10 which reminds me of a recent trading day where I was blinded to an obvious downtrend and made 6 losing trades in a matter of minutes trying to pick bottoms. When I finally woke up I had lost all my gains for the last month, so I stopped trading. Of course like clock work, the market finally reversed???
Sorry to hear that but this is completely common. You were blinded by the fear and ignored the downtrend. After you got out of the market I bet suddenly the trend was crystal clear. I strongly recommend checking Mark Douglas and his stuff, it is going to help tremendously if you haven't read it already.
I felt like you were channeling some Mark Douglas. That was a brilliant way to discuss the emotion of trading. I can't consider myself a professional until I shed the emotion so I'm glad to hear you talk about it. It's funny how we think we can follow the rules but every now and then we fall into the emotional trap. I like when you talk about these things. Thanks.
Very true. Trading psychology is in my opinion more important than reading chart in itself. I used to listen Mark Douglas every night before falling asleep so I can regurgitate all of his material.
Drawing out those examples was a nice touch. Is it too difficult to do something like that while you are waiting for a live trade to play out. You know, instead of pausing the video until there is some action, use that time to show us an example? Anyways, your live trading examples and your commentary are priceless. Thankyou.
Thank you, yeah I have thought about that but in general people don't like to wait out the longers videos, which is understandable so I try to make it shorter. But we will see I may change it up a bit.
@@ThomasWade i am watching all the videos from last to latest . your explanation is so nice. easy to understand. can you make a mentor ship program for the serious traders. it will be helpful. is there any 1 on 1 training.? if yes let me know. thanks for your great work.
@@vijayrakesh6225 I do 1 on 1 coaching. Lot of traders were asking me about more content and private community and I am creating it. I will let everyone know when it is ready, should be soon.
hey Thomas, on 11:26, the failed breakout, where do you enter? If you see the bar going down then going back up, do you still enter 1 tick above the signal bar? If so where's your stop loss, is it the pivot of the signal bar or the entry bar? (since the entry bar has a longer pivot).
Yes, I always wait for bars to finish. I know Mack would put buy stop above the signal bar and the reversing bar would hit it. But this is my disagreement with Mack. I always enter when the bar is finished. When I tried enter too early, without bar being formed I lost. So I would enter when that reversing bar finishes and then enter. I would put my stoploss one tick below the entry bar, the longer pivot.
Sup Thomas, on the first bear trade you counted that as second entry short, but if you look close the first entry short ticks one tick under the previous price level from first swing. Nevertheless seems a good trade.
Hey Thomas, love the content man. Very insightful. I just have a general question. If there is an overshoot above the top trendline in a bullish trend channel, can that be considered as the retest or does it have to retest or break that high formed by the overshoot?
Thanky you. Overshoot doesn't count as the new extreme. We should wait for legit break of a trendlinde ( lower trendline in bullish trend) and attempt to make a new high after that. Thing is overshoots can sometimes tip the balance so much, that price may straight up reverse and go in opposite direction, but that is rare, most of the times you will get the new extreme.
Thank you, I made a video called Price action trading for beginners: Market rules explained. In that video I described the trades we look for and rules we follow. It is quite long though... ruclips.net/video/LCm3VvhkQxI/видео.html Hope that helps
Thank you Wade for all your video lessons. You are so kind to share your knowledge to the world. God bless!
As always, like. my friend
Very good video, especially the Trading Psychology example at 14:10 which reminds me of a recent trading day where I was blinded to an obvious downtrend and made 6 losing trades in a matter of minutes trying to pick bottoms. When I finally woke up I had lost all my gains for the last month, so I stopped trading. Of course like clock work, the market finally reversed???
Sorry to hear that but this is completely common. You were blinded by the fear and ignored the downtrend. After you got out of the market I bet suddenly the trend was crystal clear. I strongly recommend checking Mark Douglas and his stuff, it is going to help tremendously if you haven't read it already.
Thank you so much for sharing such valuable knowledge.
Appreciated it Thomas!!!
I felt like you were channeling some Mark Douglas. That was a brilliant way to discuss the emotion of trading. I can't consider myself a professional until I shed the emotion so I'm glad to hear you talk about it. It's funny how we think we can follow the rules but every now and then we fall into the emotional trap. I like when you talk about these things. Thanks.
Very true. Trading psychology is in my opinion more important than reading chart in itself. I used to listen Mark Douglas every night before falling asleep so I can regurgitate all of his material.
Another great vid Thomas. Learning so much from your analysis. 👍👍
Great, love hearing these.
Drawing out those examples was a nice touch. Is it too difficult to do something like that while you are waiting for a live trade to play out. You know, instead of pausing the video until there is some action, use that time to show us an example?
Anyways, your live trading examples and your commentary are priceless. Thankyou.
Thank you, yeah I have thought about that but in general people don't like to wait out the longers videos, which is understandable so I try to make it shorter. But we will see I may change it up a bit.
Thanks for the video and explanation.
You are going through the old videos I see :)
@@ThomasWade i am watching all the videos from last to latest . your explanation is so nice. easy to understand. can you make a mentor ship program for the serious traders. it will be helpful. is there any 1 on 1 training.? if yes let me know. thanks for your great work.
@@vijayrakesh6225 I do 1 on 1 coaching. Lot of traders were asking me about more content and private community and I am creating it. I will let everyone know when it is ready, should be soon.
@@ThomasWade Thanks for the Reply. Please do it fast. Your teaching is very nice. We are waiting. Dont delay plz. lol
hey Thomas, on 11:26, the failed breakout, where do you enter? If you see the bar going down then going back up, do you still enter 1 tick above the signal bar? If so where's your stop loss, is it the pivot of the signal bar or the entry bar? (since the entry bar has a longer pivot).
Yes, I always wait for bars to finish. I know Mack would put buy stop above the signal bar and the reversing bar would hit it. But this is my disagreement with Mack. I always enter when the bar is finished.
When I tried enter too early, without bar being formed I lost. So I would enter when that reversing bar finishes and then enter.
I would put my stoploss one tick below the entry bar, the longer pivot.
Sup Thomas, on the first bear trade you counted that as second entry short, but if you look close the first entry short ticks one tick under the previous price level from first swing. Nevertheless seems a good trade.
Ohh, yeah you are right, didn't really noticed that. It was such a nice two legged move I didn't notice the one tick lower..
Hey Thomas, love the content man. Very insightful. I just have a general question. If there is an overshoot above the top trendline in a bullish trend channel, can that be considered as the retest or does it have to retest or break that high formed by the overshoot?
Thanky you. Overshoot doesn't count as the new extreme. We should wait for legit break of a trendlinde ( lower trendline in bullish trend) and attempt to make a new high after that. Thing is overshoots can sometimes tip the balance so much, that price may straight up reverse and go in opposite direction, but that is rare, most of the times you will get the new extreme.
Hi Thomas, these videos are fantastic. Do you have a list of your rules so that I can learn them please?
Thank you, I made a video called Price action trading for beginners: Market rules explained. In that video I described the trades we look for and rules we follow. It is quite long though...
ruclips.net/video/LCm3VvhkQxI/видео.html
Hope that helps
@@ThomasWade Absolutely fantastic, I’m not new to trading but you put this so simply I wished I’d come across your videos a long time ago
@@ThomasWade good luck for the future, I’m enjoying these videos massively
wow, at 16:45, I've definitely done that multiple times. I guess you can call it a revenge trade?
Yes this is revenge trading. Hopefully you are not doing that now :)
This look like one nasty price action, was there anything on the longer time frame that shows you that this would be a possibility?